Had the same issue with my new Playstation credit card issued by Capital One. After reading this forum and trying a bunch of things, I realised that the address line 1 and 2 was interchanged on the Credit card account and so it was on the Sony rewards site as well. So instead of using my saved residential address on the PSN site (which was correct), I used it with Address lines interchanged when adding the credit card and it worked for me..!
Thank You to Solidus, I have been tearing my hair out for days with Playstation telling me "We dont know why the card youv'e always used and should be fine stopped working after you updated your expiration date. Just go buy PSN cards." On another forum where I found a guy with the same problem who had tried 9 credit cards and they were telling him the same thing, and in my haste to find a solution I didn't notice it was a 3 year old post, so some guy just came on and told me to stop "necrobumping" (responding to a dead post? why wasn't it closed then?...idk)
? (I apologize for whatever that is. It was my first post, I don't usually have much reason to complain.) Point is, after all this nonsense simply putting the street number in Address 1 and the street name under Address 2 fixed everything. This appears to be THE SOLUTION that Playstation Help can't figure out after at least 3 years. It was never a problem until this latest cc expiry update..but that WAS 3 years ago...Anyhow, to Solidus 187 and all of you who suggested simply splitting up the address into the both lines...numbers under address 1 and street name under address 2...thank you so very much!!